FOR IMMEDIATE RELEASE

VERITEC RECOGNIZED AS ONE OF THE FASTEST GROWING TECHNOLOGY COMPANIES IN MINNESOTA
GOLDEN VALLEY, MINNESOTA, OCTOBER 20, 2004 - VERITEC, INC.
(NASDAQ- VRTC)

Golden Valley, MN-October 20, 2004—Veritec, Inc., a Golden Valley, Minnesota, based developer and provider of high data density bar coding for the manufacturing and security industries, has been recognized as one of the fastest growing technology companies in Minnesota.

Deloitte & Touche, LLP, one of the country’s largest accounting and professional service firms, named Veritec as the third fastest growing technology company as part of its prestigious “Technology Fast 50 Program for Minnesota”, a ranking of the fifty fastest growing technology companies.

Veritec, a publicly traded company under the symbol VRTC, is a pioneer in two dimensional bar code technology and related software applications.

“We are pleased to be recognized among such an impressive group of companies,” said Veritec CEO, Van Tran, about the award. “Our growth has been driven by a market and industry that has demonstrated enormous change, and Veritec has been able to adjust to the needs of its clients while continuing to develop our core product line.”

The Deloitte Fast 50 measured growth in operating revenue over a five-year period, from 1999 through 2003. Veritec’s growth during that period was an astonishing1,928%, compared to an average of 650.68% for the entire “Fast 50”.

“The Deloitte Minnesota Technology Fast 50 companies have shown the strength, vision and temerity to succeed despite a very challenging technology environment,” said Ron Hafnter of Deloitte’s Minneapolis office. “We applaud the successes of Veritec, Inc., and acknowledge its place as one of the select companies to accomplish such a fast growth rate over the past five years.”

The “Fast 50” ranking is based on the percentage growth of revenue over a five-year period from 1999 to 2003. To qualify for consideration, a company must have had operating revenue of at least $50,000 in 1999 and of at least $1 million in 2003. In addition, to be considered a “technology company” a enterprise must either own proprietary technology that contributes significantly its operating revenues or devote a significant portion of its revenues to research and development of technology.

Veritec, which qualifies under both entry criteria, owns numerous patents related to two-dimensional bar codes and their application to various industries.

“I expect that our growth will continue on the same pace as we expand our technology further into security, identification and consumer fields, “states Tran. “We are at the threshold of global realization of the potential uses for our proprietary products and software.”

About Deloitte

Deloitte, one of the nation’s leading professional services firms, provides audit, tax, financial advisory services and consulting through nearly 30,000 people in more than 80 U.S. cities. Known as an employer of choice for innovative human resource programs, the firm is dedicated to helping its clients and its people excel. “Deloitte” refers to the associated partnerships of Deloitte & Touche LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, and Deloitte Tax LLP) and subsidiaries. Deloitte is the U.S. member firm of Deloitte Touche Tohmatsu. For more information, please visit Deloitte’s web site at http://www.deloitte.com/us. Fore more information on the Deloitte Technology Fast 50 program visit http://www.fast50.com.

About Veritec

Veritec, Inc., is a pioneer in two-dimensional matrix coding technology. As a leading developer of proprietary software that exceeds industry standards, Veritec manufactures high density, high-speed coding software and tracking systems that allow end users to produce and interpret coded data to protect, monitor and maintain products and services from design, manufacturing, shipping and delivery to secure identification cards, employee badges, access control systems, hospital ID tags, and border traffic control. For further information visit Veritec’s web site at www.veritecinc.com.

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms “believes”, “belief”, “intends”, “anticipates”, or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission.
 
 

 
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